Guyana News Updates, June 27, 2022

Caribbean diaspora webinar on shaping US-Caribbean policy: Atlantic Council and Caribbean Policy Consortium

Wednesday, June 29, 2022 @ 3pmET

 

 

 

Regional energy strategy to soon be presented- will develop Caribbean nations’ economy – President Ali – Department of Public Information, Guyana

 

Countries depending on oil can brace for lower revenue – EITI report: Kaieteur News

As countries around the world speed up the transition to renewable energy, the Extractive Industries Transparency Initiative (EITI), a global watchdog for the governance of oil and gas and mineral resources, in its 2022 Progress Report has highlighted that oil producing nations that depend on revenue garnered from the sector can brace for a decline from that stream. Guyana, being a fairly new kid on the block when it comes to the production of oil has been pushing to speed up production rates, with the backing from United States oil giant, ExxonMobil.

 

Fire Juggling In The Energy Sector: Part 2 by Lorraine Sobers

  

Guyana could earn GY$136B (US$650m) through local content by year-end – Pres. Ali – News Room Guyana

 

Govt not satisfied with CGX’s pace in constructing deep-water facility – Min Bharrat – Guyana Times

 

Review of the Consolidated Financials of EEPGL, Hess and CNOOC: FY 2020 and FY 2021 [Part 2]: Guyana Chronicle

THE total assets for the oil companies grew from $1.2 trillion in Financial Year (FY) 2019 to $1.9 trillion in FY 2020, representing an increase of $641.5 billion or 55 per cent. Total liabilities grew from a position of $651.4 billion in FY 2019 to $763 billion in FY 2020 representing an increase of $111.7 billion or 17 per cent and 54 per cent of total assets. Total equity increased from $546.7 billion in FY 2020 to $1.129 trillion in FY 2021 representing an increase of $581.7 billion or 106.4 per cent and 46 per cent of total assets.

 

Local economy thrives in first quarter of 2022: Guyana Chronicle

THE first quarter of 2022 was a productive period for Guyana’s economy, which recorded positive economic growth on account of sustained production in the oil and gas sector, and positive output performances in the non-oil sectors. “As oil and gas activities continued, the non-oil economy experienced moderate growth on account of economic activities regaining momentum from the full reopening of the economy, coupled with fiscal measures to alleviate the rising costs of production and services,” the Bank of Guyana reported in its quarterly update which was published recently.

 

A neutral forensic audit of all costs of Exxon’s operations is criticalStabroek News (Letter to the Editor) by Vishnu Bisram (PhD)

Reference is made to several recent reports (including a statement by GRA’s Godfrey Statia) and commentaries relating to royalty and whether it is recovered as company costs for operations. In Guyana, everyone is an economist, including many who never took an economics course or read an economics book or magazine. Worse, everyone is an oil expert. The public is misled by uninformed information about royalty and profits as well as oil economics. For clarification purposes, royalty refers to payment by a company or business for use of the state’s or someone else’s resources and is not recoverable as a cost. However, for tax purposes, it is computed as a business cost.

 

Stabroek Block royalties not part of cost oil – Guyana tax boss: OilNOWGuyana Times   

Commissioner-General of the Guyana Revenue Authority (GRA), Godfrey Statia said on Saturday that royalties paid by the Stabroek Block consortium are not allowable in the calculation of cost oil. The tax boss explained this in response to “misinformation” in the local press about the petroleum tax regime and the petroleum cost recovery regime in the Stabroek Block production sharing agreement (PSA). These provisions govern four approved and sanctioned projects that together, will carry combined production capacity of 830,000 barrels of oil per day by

 

Works commence on US$300M shore base facility for ExxonMobil: iNews

Just days after the sod was turned for the construction of the US$300 million shore base facility for ExxonMobil at Port Vreed-en-Hoop, the dredging of the area commenced on Thursday as per scheduled. 

 

Tom Mitro failed to prove Guyana losing big on cost oil deductions: OilNOW (Columnist) by Joel Bhagwandin

I am tired of responding to first world “so called experts” who have their own agenda and based on their absurd pronouncements on Guyana’s affairs, probably believe that we are an uneducated population and lack critical thinking abilities.” I will never stop, however, to challenge, expose and discredit their arguments and pronouncements because that notion is not true, and I will never allow these foreigners to treat us as such. It is totally disrespectful and derogatory on their part, and what’s even worse, local media houses give them a platform to propagate their nonsense.

 

‘No path to net-zero without using gas as transition fuel’ – VP Jagdeo: OilNOW

As the world charts a path forward to net zero by 2050, some environmentalists argue that countries should leave the natural gas in the ground and move straight to renewable energy. But Guyana’s Vice President Dr. Bharrat Jagdeo argues that natural gas is the most feasible energy source in the world and that the South American country plans to use it as a catalyst to transition the nation’s energy sector into renewables. “There is no pathway to net zero without using gas as a transitional fuel. Everybody has accepted that, including the US government – which, before COP26, was not accepting that… The whole world has now concluded that,” the Vice President related during a recent press conference.

   

Chemical spill reported at Exxon’s Stabroek block operationsKaieteur News

– Minister Bharrat says EPA dealt with matter

Approximately 925 gallons of chemical asphaltene inhibitor is said to have spilled during its supply to one of the floating production storage and offloading (FPSO) involved in oil production in the offshore Stabroek Block. Information reaching the newspaper is that the 925 gallons, approximately 18.5 barrels of the chemical was being delivered from a supply boat when a leakage seemed to have occurred. “A supply ship was discharging chemicals to the FPSO and approximately 925 gallons were spilled which is around 18.5 drums.

 

‘Contract with Exxon makes a mockery of our constitution’Kaieteur News

– Yog Mahdeo says deal attempts to shackle govt. into more unfair provisions

The Production Sharing Agreement (PSA) that the government signed with US oil major ExxonMobil is a mockery to the country’s constitution as it attempts to shackle this country into more unfair provisions or benefits for the petroleum companies operating in Stabroek Block. This is the view of Dr. Yog Mahadeo, a transparency advocate and co-founder of the civil society body- Article 13. He gave this conclusion in an invited comment yesterday while citing the necessity for the contract to be renegotiated.

 

Exxon contract silent on whether royalty is recoverable: Kaieteur News (Repeat)

– but clearly states what can or cannot be deducted

The Production Sharing Agreement (PSA) that Guyana signed with ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) and their partners for the Stabroek Block, Hess Guyana Exploration Limited is very specific on cost recovery. Under the terms of the PSA signed in 2016, up to 75 percent of the gross production of crude oil can be deducted as cost oil for expenses. In that PSA, there are essentially two categories, spending that can be recovered by the contractor, “without the Approval of the Minister,” instances where deduction can be made subject to the approval of the minister.

 

‘Elections COI should be free from political interference’: Kaieteur News

– Article 13 urges clear Terms of reference

Article 13 has congratulated President Irfaan Ali for taking what they called a “bold step” towards the establishment of a Commission of Inquiry (CoI) into the contentious 2020 General elections. The body’s comments come just weeks after the civil society group had signaled its intention to lobby the diplomatic community to get the government interested in such a probe. Article 13 Co-founder, Yog Mahadeo told the newspaper that after a two-year struggle and demand for an investigation into the Guyana Elections Commission (GECOM) and the 2020 Elections, “we are happy to see that the President has named the Commission of Inquiry.

  

PAY-ON-BEHALF AS A TAX CONCEPT? IT IS A FRAUD: Kaieteur News (Letter to the Editor) by Mike Persaud

The Executive branch of government and the GRA, a government agency, have finally decided to come clean on some very important provisions on the Oil Contract. They are at once revealing – and they are outrageous frauds and violations of all standards of decency. How well known is the Pay-on-Behalf concept in Oil Contracts – as in ‘GoG is required to pay Oil Companies’ legal obligations to itself’? Further GoG is required to pay it out of its (GoG’s) share of profits. From Commissioner Statia’s press release, it goes like this: Oil Companies figure out their tax liability, prepare a tax invoice, send it GoG – and the GoG, with no money received, issues a tax receipt for the full amount of taxes due.

 

We did not need Vice News to tell us that our politicians are corrupt: Kaieteur News (Letter to the Editor) by Gerald A. Perreira, Organization for the Victory of the People (OVP)

First, let me be clear, the agenda of the Organization for the Victory of the People (OVP) is not set by Vice News. This US based media outfit is well-known for going into so-called Third World countries such as Guyana, with their Western bias and agenda… We must demand an answer from APNU+AFC Minister of Natural Resources, Raphael Trotman, as to who ordered him to sign the treasonous contract, one of the most exploitative and lop-sided contracts in the history of the global oil and gas industry, with the US imperial entity, ExxonMobil.

 

Seventeen reasons why the ExxonMobil contract should be renegotiated: Kaieteur News (Letter to the Editor) by Joe Persaud

In my opinion, this contract should be considered null and void for the following interim reasons:

1) This contract was not made in good faith, good intention, is biased and is not consistent with minimum international contracting requirements, practice, guidelines, procedures and laws. 2) This contract is a production sharing contract/royalty (PSA), where Guyana is technically a partner, a beneficiary, and must have a full time staff/inspection for verification of quantities/quality of the product, all resources, all works and costs, from the upstream to midstream to downstream.

 

Hubu joint venture has big aquaculture plans: Stabroek News  

-drones, sensors to be part of `organic’ rearing

-hoping to target 30% of UK prawns market

The US$25m Hubu Aquafarms joint venture aims to revolutionise aquaculture here with high technology and organic harvests and it hopes to eventually net 30% of the UK’s prawns market. “This is not agriculture. This is a tech business. There’s no longer agriculture… Recently, his company was able to secure a grant from a floating oil offshore platform operator, SBM offshore. The support received from SBM Offshore has fueled the realization of a lifelong dream and kick-started production once again. He stated that for years he had experimented with the venture and was convinced that this was a suitable and much needed investment.

 

Ramps to be given reason for denial of local content certificate –Bharrat: Stabroek News

Ramps Logistics will today receive a formal response from the Local Content Secretariat (LCS) about why it failed to secure certification, Minister of Natural Resources Vickram Bharrat yesterday said. “Yes we will…tomorrow,” Bharrat told Stabroek News when asked if Ramps will be given formal notification. Bharrat’s statement comes after silence by the LCS to public enquiries about the Ramps application. The LCS also did not respond to Ramps when it requested reasons for the denial of the certificate.

 

Some disturbing aspects of the VICE News interviewStabroek News (Columnist) Accountability Watch by Anand Goolsarran

Peruvian President Pedro Castillo along with a former Transport Minister and six lawmakers are being investigated for allegedly being part of a criminal network that received bribes for public works contracts… We have seen how the reverse happened when the previous Administration entered into an agreement with ExxonMobil’s subsidiaries for the exploration and production of crude oil. At that time, the estimated amount of crude oil resources discovered was about one billion barrels. Further discoveries have since upped the figure to about eleven billion barrels.

 

Denied Local Content Certificate after 9 years in operation: Stabroek News (Letter to the Editor) by Shamshun Mohamed

First there was no meaningful explanation on the non-issuance of the Local Content Certificate, then piecemeal explanations were put forward but it seems not to the company denied. A company in operation for nine years suddenly finds itself being sidelined?

 

The authority exists for Exxon to recover the 2% royalty: Stabroek News (Letter to the Editor) by GHK Lall

Guyana Revenue Authority (GRA) boss, Mr. Godfrey Statia, made a rare public media commentary on the roiling issue of royalties… Amid the deluge of details emerging from the Commissioner General (CG), there was reference to the Guyana’s Petroleum Tax Regime, Cost Recovery Regime, the Income Tax Act, and the discretionary powers of the subject minister.  The CG was quick to point out that the minister, whoever he is, or under what mandate he operates, has not exercised such discretionary powers to date relative to royalty recovery, but that it could be. 

 

Neither the 1999 PSA, nor any subsequent PSA, was negotiated or signed by me: Stabroek News (Letter to the Editor) by Carl B. Greenidge, Adviser on Borders and Guyana’s Agent to the ICJ (Former Minister of Foreign Affairs and Trade)

I refer to page 11 of Kaieteur News (Friday the 24th June) which carries a feature entitled, “Exxon’s contract on 2% royalty misleading as Guyana bears the burden – Chris Ram”. Chris Ram’s name appears next to the headline but the actual authorship is not clear because at points the writing is in the third person as will be seen from an extract below. My name appears in the said piece as being responsible for inappropriate, if not illegal, ‘generosity’ including, remitting or waiving royalty payments ExxonMobil was due to make to the state.  The writer/s of the article, points out that the Production Sharing Agreement (PSA) is the framework in which the petroleum companies, namely ExxonMobil et al, are being taxed.

 

GUYANA: Energy Crisis: The time has come for CSME to play it s role – Letter by Eusi Kwayana | Guyanese Online

 

Trinidad pays deepwater royalties, taxes for oil companies, caps cost recovery at 80%: OilNOW

Trinidad and Tobago’s model deepwater production sharing contract (PSC) offers attractive incentives to international oil companies (IOCs). All royalties, taxes and other levies are paid for out of the Government’s share of Profit Petroleum, which remains after costs are recovered up to a ceiling of 80%. The effective waiver of royalty is outlined in Section 21.5 of the model PSC which states, “The Minister shall pay on behalf of the Contractor, out of the Government’s share of Profit Petroleum referred to in Article 18.14, the Contractor’s liability under applicable law for petroleum impost, petroleum profits tax, supplemental petroleum tax, petroleum production levy, green fund levy, unemployment levy and any other taxes or impositions whatsoever measured upon income or profits arising directly from the Petroleum Operations under this Contract.”

 

SOLD OUT: Suriname gearing up for major energy conference this week: OilNOW

The 2nd edition of the Suriname Energy, Oil & Gas Summit & Exhibition (SEOGS 2022) will be hosted this week in Paramaribo from June 28 to 30. The event is set to provide the opportunity to hear from government, meet the major operators, licence holders, tier one contractors, service companies and the entire value chain in Suriname’s nascent hydrocarbons sector. Suriname “open for business” as over 2,000 energy stakeholders expected at upcoming oil and gas summit. Annand Jagesar, Chief Executive Officer of Staatsolie Maatschappij Suriname, told OilNOW the growing oil and gas discoveries offshore Suriname in recent years is seeing the South American country emerging as the center of Oil & Gas activities, attracting stakeholders from across the globe.

 

Over 60% of Suriname’s deepwater acreage remain unlicensed; new bid round nears: OilNOW

Suriname’s state oil company, Staatsolie is set to auction off several deepwater blocks this year with another bid round reportedly planned for the shallow blocks by mid-2023. “We are very excited about the prospects of releasing further offshore acreage,” Annand Jagesar, Staatsolie’s Managing Director, told OilNOW ahead of a major energy conference set to take place this week. The CEO said Suriname currently has over 60% of its offshore acreage unlicensed.

 

Brazil’s Petrobras to sell deepwater assets to BW Energy for up to $75 mln | Reuters

https://www.reuters.com/markets/us/brazils-petrobras-sell-deepwater-assets-bw-energy-up-75-mln-2022-06-24/

 

Uruguay is back in the oil exploration business; three companies awarded four off shore blocks — MercoPress

https://en.mercopress.com/2022/06/25/uruguay-is-back-in-the-oil-exploration-business-three-companies-awarded-four-off-shore-blocks?utm_source=feed&utm_medium=rss&utm_content=main&utm_campaign=rss

 

Guyana News Updates, June 24-26, 2023

Caribbean diaspora webinar on shaping US-Caribbean policy: Atlantic Council and Caribbean Policy Consortium

Wednesday, June 29, 2022 @ 3pmET

 

 

 

Caribbean employment below pre-pandemic levels – World Bank survey | Loop Caribbean News

https://caribbean.loopnews.com/content/caribbean-employment-below-pre-pandemic-levels-world-bank-survey-0

 

The fight against food insecurity in the Caribbean – Caribbean News Global

 

Climate Change Perceptions in the Caribbean – GeoPoll

 

Caribbean and US intensify cooperation – Docblot Suriname

 

David Jessop | US influence in the Americas is waning | Business | Jamaica Gleaner

https://jamaica-gleaner.com/article/business/20220626/david-jessop-us-influence-americas-waning

 

Fire Juggling in the Energy Sector: Part 2 by Lorraine Sobers | OilNOW

 

Economist Michael Porter, Hess helping Guyana modernise services needed for booming oil economy | OilNOW

 

Manufacturing employees leaving for work in oil and gas industry    – News Room Guyana

 

Local standards compliance company wants businesses to ‘shine’ in oil and gas era: Stabroek News  

The presence of Global Compliance Service Guyana Inc. in Guyana can serve as a game-changer for the country at a time when the apparent direction in which its economy is heading will make more exacting demands on local service providers across the sectors, Global Compliance Service Inc. (GCS) Chief Executive Officer Candelle Bostwick has told the Stabroek Business.  Setting aside the fact that GCS is the only 100% Guyanese – owned and Accredited Certification Body in Guyana benefits from an image that is buttressed by an international brand.

 

Guyana’s Big Impact on Big Oil: Village Voice News  

View CNBC’s David Faber on an offshore oil vessel in the tiny South American country of Guyana, where he talks with the rig’s manager about production capacity. In this one-hour documentary, one of the most powerful, storied, and consequential players in the energy business, ExxonMobil gives CNBC unprecedented access to its executives and facilities as it plans for the energy transition. As gas prices skyrocket around the world, Faber explores ExxonMobil’s efforts to lower its carbon emissions while still pleasing its shareholders. Available to watch here for a limited time only.

 

Guyana’s largest shore base seeking vendors to expand local capacity: OilNOW

In keeping with Guyana’s strict Local Content regulations, the Guyana Shore Base (GYSBI) is on the hunt for local vendors that fit the 40 sectors outlined in Schedule 1 of the Local Content Act. “GYSBI has committed to this undertaking to ensure we are in compliance with the Local Content provisions. This process has been put into place to essentially prequalify Guyanese companies as vendors since we plan to give first preference to local companies to participate in procurement opportunities that are available at GYSBI,” the company said.

 

Exxon prepares to tender for construction of Guyana’s onshore gas pipeline: OilNOW

ExxonMobil on Thursday issued a Request For Information (RFI) for the construction of Guyana’s Gas-to-Energy onshore pipeline. It wants to use the information to compile a list of qualified bidders. In the public RFI, Exxon said it plans to install an onshore pipeline of about 25 kilometers, on the west side of the Demerara River, Region Three. The RFIs need to be submitted by July 15. Already, Exxon has started preliminary works, which include repairs of bridges and roads along the West Bank of Demerara (WBD) public road, to provide improved vehicular access and enhanced safety for residents in the area.

 

Slapped with $20M fine: RAMPS Logistics breached and bypassed local systems: News Room  

Hours after Ramps Logistics – a Trinidadian company offering full-service supply chain management in Guyana – denied manipulation of local systems, it has come to the fore that the company is currently facing a multi-million dollar fine for its breach and bypass of systems at the Guyana Revenue Authority (GRA). High-level sources have told the News Room that a few months ago, the company was fined $20 million by the GRA for breach of its customs regulations as attempts were made to bypass the safeguards put in place.

  

City Chamber says ‘rent-a-citizen’ tactics run counter to local content law: OilNOW

The Georgetown Chamber of Commerce and Industry (GCCI) says disapproves “rent-a-citizen” and “fronting” tactics potentially being used by companies operating in Guyana’s oil and gas sector, because such tactics run counter to the spirit of Guyana’s local content legislation.  In a statement Thursday, the Chamber said it has noted public discourse regarding local content and used the opportunity to express its disdain for these tactics which exploit Guyana’s local content laws and ultimately stifles the benefits Guyana receives.

 

Ramps under pressure in Guyana – Trinidad Express

https://trinidadexpress-tto.newsmemory.com/?publink=048ff9ff4_13484f6

 

Exxon’s contract on 2% royalty misleading as Guyana bears the burden – Chris Ram: Kaieteur News

– Guyana bears the burden

With the revelation that Royalty being paid to Guyana by ExxonMobil Guyana is in fact being recouped by the US-based, operator of the Stabroek Block, it would be apposite to note that the country was warned about the misleading nature of the Production Sharing Agreement (PSA) at least three years ago by Chartered Accountant Christopher Ram. He had at the time—September 2019 even before ExxonMobil Guyana began production offshore Guyana warned that the PSA at Article 15.5 suggests that the payment of the royalty is by the contractor but “that is at best misleading.” Royalty, he argued “is not being paid by the contractor but, like any other expense, is borne by the Government as well as the Contractor.”

 

Guyana losing big from 75% Cost Oil Exxon deducts: Kaieteur News

– areas include interest on loans, decommissioning fees, tax waivers—Intl Expert

Vice President Bharrat Jagdeo and officials of Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana—have argued that Guyana in fact collects more profit than the oil companies with interests in the Stabroek Block but it is the additional terms in the agreement where ExxonMobil really benefits. This, according to Tom Mitro, a former director of the University of Houston’s Global Energy, Development and Sustainability program, and former Chevron executive with decades of experience negotiating international contracts. He argues that the country is losing primarily through the deductions being made by the operator and not necessarily in the profit-sharing aspect of the deal.

 

Govt seeks expert guidance on Glenn Lall’s challenge to Exxon tax waivers: Kaieteur News

– asks court for extra time

The Government of Guyana has asked the High Court for more time to seek expert guidance on how to respond to a case filed by Kaieteur News Publisher, Glenn Lall over the extensive tax waivers which were granted to Exxon Mobil, its partners and affiliates. In January, the Kaieteur News Publisher filed an action to challenge the Petroleum Agreement, dated June 27, 2016 between the Guyana Government and the oil companies. According to Lall the agreement between the oil company and the government grants exemptions to persons other than licensees, which violate the Petroleum Exploration and Production Act, the Financial Administration (and Audit) Act and the Constitution.

 

Guyana’s tax framework is not built for transparency – EITI Head – Stabroek News

 

Stabroek Block royalties not part of cost oil – Guyana tax boss | OilNOW

 

Tom Mitro failed to prove Guyana losing big on cost oil deductions | OilNOW

 

Govt forges ahead with gas-to-shore project despite objections: Kaieteur News

– Jagdeo says proposals for NGL, power plants to be in next month

By the end of July, the nine prequalified bidders for the Natural Gas fired power plant and the Natural Gas Liquids (NGL) plant are expected to submit their proposals to the Government of Guyana (GoG). The gas-fired power plant and the NGL plant are part of the US-multibillion Gas-to-Energy (GTE) project. The GTE project will encompass three major aspects, that is, the pipeline to transport the gas to Wales, West Bank Demerara, the NGL facility that will treat and separate the gas and the power plant to generate the electricity.

   

President insists on ‘realistic’ look at petroleum exploration   – News Room Guyana

 

The CCJ should be asked for an advisory opinion on Guyana’s Local Content Act: Kaieteur News (Columnist) Peeping Tom

Guyana passed into law a Local Content Act. Among the aims of the legislation was the prioritising of Guyanese nationals and companies in the procurement of goods and services for the petroleum sector. The Act defines a Guyanese company as any company which is incorporated under the Companies Act and in which Guyanese nationals have majority beneficial ownership, and which employs at least 75% of Guyanese in executive and senior management positions and at least 90% of nationals in other positions.

  

ExxonMobil Guyana posted (Construction of the Onshore Pipeline): ExxonMobil Guyana announces the following opportunity: For more information, visit https://centreguyana.com/

 

Center for Local Business Development-Guyana posted: ExxonMobil Guyana has published a Request for Information on the Construction of the Onshore Pipeline. Closing date for submissions is July 15, 2022. Full information can be found on https://centreguyana.com/opportunities/

#CentreGuyana #GreaterGuyanaInitiative #GasToEnergy #ExxonMobilGuyana #EnergyLivesHere

 

Center for Local Business Development-Guyana posted: Tullow Guyana B.V. is hosting its final session in a series of virtual capacity-building seminars through the Centre for Local Business Development on June 29, 2022. These sessions are targeted to oil and gas service providers. #CentreGuyana #Tullow #CapacityBuilding

 

Center for Local Business Development- Guyana posted: SUCCESS STORY l It’s E&A Consultants Inc’s time!

Executive Director Anasha Ally worked with the Centre from almost the beginning. Through the training and mentorship programmes offered, she has been able to improve her business’s capacity and position E&A to be more competitive in all economic sectors.  Here is her journey with the Centre. #CentreGuyana #GreatGuyanaInitiative #EAConsultancy #WomenOwned #WomenLed

 

Center for Local Business Development- Guyana posted: Amcham Guyana’s Governance and Security Sub-Committee is delighted to announce its inaugural security forum hosted on June 29, 2022. To register, kindly visit: https://amcham.gy/security-forum-registration/ #Amcham #AmchamGuyana #Security #Forum #Guyana

 

Guyana behind Russia, ahead of US for largest discovered volumes since 2015 – Rystad Energy: Kaieteur News

As Russia takes the lead for the largest discovered volumes of oil and gas resources since 2015, positioning at second is Guyana, which is followed by the United States of America (USA). This is according to Rystad Energy, a Norwegian group- an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry.

 

SOLD OUT: Suriname gearing up for major energy conference this week | OilNOW

 

Correcting a foolish wrong re: Venezuela at OAS – Caribbean News Global

 

New Mexico Oil Refinery Cost Doubles  | Rigzone

https://www.rigzone.com/news/wire/new_mexico_oil_refinery_cost_doubles-23-jun-2022-169440-article/

 

Norway downplays its oil and gas wealth as ‘war profits’ roll in | Norway’s News in English — www.newsinenglish.no

 

Commonwealth backs judicial process to end Guyana/Venezuela border controversy | News | Jamaica Gleaner

https://jamaica-gleaner.com/article/news/20220625/commonwealth-backs-judicial-process-end-guyanavenezuela-border-controversy

 

54-nation Commonwealth backs judicial process to end Guyana/Venezuela border controversy – News Room Guyana

 

Guyana News Updates, June 23, 2022

Sod turned for Vreed-en-Hoop shore base: Stabroek NewsiNewsKaieteur NewsNews RoomGuyana ChronicleOilNOW       

Just about two months after it inked a pact with ExxonMobil to lease its planned US$300 million shore base facility to support its offshore oil operations, local consortium NRG Holdings Incorporated, on Tuesday, turned the sod to officially commence construction of the facility. The shore base, which is being undertaken by Vreed-en-Hoop Shorebase Incorporated (VEHSI), is a component of the Port of Vreed-en-Hoop project.

 

Work on gas-to-shore project already underway – Natural Resources Minister: Guyana Times

…contract will be awarded by year end

Work on the Gas-to-Shore project, which will see pipelines being built from offshore to Wales, West Bank Demerara (WBD), is already underway, and according to Natural Resources Minister Vickram Bharrat, physical manifestations of that work will be apparent by next year. During the sod-turning ceremony for the Vreed-en-Hoop shore base facility on Wednesday, Bharrat explained that work on the project, inclusive of mapping the pipeline route, has already started.

 

Brazil’s Petrobras buys 1st crude shipment from GuyanaGuyana Times

…as state-owned Brazilian company looks to diversify suppliers

Guyana has registered two lifts of one million barrels of crude each from the Liza Phase One and the Liza Phase Two projects operated by ExxonMobil for the month of June, and Brazilian state-owned company Petrobras has already purchased one of these lifts of crude. According to a report from the Nasdaq, Petrobras last week bought what would be its first shipment of crude from Guyana. The one million barrels of crude, which were loaded from the Liza Destiny and will be discharged by this month end, will be refined in Brazil.

 

Guyana earned more profit oil than Exxon, partners last year- Vice PresidentGuyana Standard

In light of a recent financial review in some sections of the media which concluded that the Stabroek Block joint venture partners made more profit oil last year versus Guyana, Vice President and former Finance Minister, Dr. BharratJagdeo dismissed such claims as being misleading.“I have seen in the newspaper a lot about how Exxon is drawing down hundreds of US billions more and we are getting a pittance. But people making such statements are mistaken,” expressed the former Chairman of the International Monetary Fund and the World Bank.

 

Gov’t unhappy with slow progression of CGX’s Berbice Deep Water Port: OilNOW  

The massive deep-water port being constructed by CGX Energy in Guyana means major development for the county of Berbice. But recently, the pace at which the project is being developed has become a concern for the government. Minister of Natural Resources, Vickram Bharrat told OilNOW on the sidelines of an event on Tuesday that the company has received a warning from the government. “We would have indicated to the company that we are not pleased at all with the pace at which the work is moving ahead,” Mr. Bharrat indicated.

 

Pan-Caribbean group offers solution to financing gap between Guyanese, foreign companies: OilNOW  

It is no secret that Guyanese companies are largely unaccustomed to making the scale of investments needed to provide services to the still burgeoning oil and gas sector. After all, the development cost for just one of ExxonMobil’s offshore projects dwarfs Guyana’s annual budgets – in some cases, three to four times over. Both government and private sector leaders have been looking in all directions for solutions. President Dr. Mohamed Irfaan Ali has encouraged local companies to form consortia. Vice President Dr. Bharrat Jagdeo has said government wants banks to accept contracts as collateral.

 

Guyana and Suriname: How access to capital can transform frontier energy markets: OilNOW (Columnist) by Arthur Deakin

Back in 2010, Guyana and Suriname were not known for their hydrocarbon reserves. But now, both (neighboring countries) have discovered more than 17 billion barrels of oil equivalent and gas reserves that exceed 30 trillion cubic feet. By mid 2030, Guyana is expected to produce over 1.4 million barrels per day (bpd), the third highest in the region, while Suriname will produce 650,000 bpd, the fifth most in Latin America.

 

Lessons for Guyana from T&T: what to embrace and what to avoid?: Stabroek NewsVillage Voice News (Columnist) by Dr. Graham King

Dr. Graham King is a Lecturer in the Faculty of Engineering at the University of the West Indies. He serves on the Board of CARIRI, the Energy Chamber Decarbonization Taskforce and the Trinidad & Tobago Manufacturer’s Association Productivity Committee. Commodity-rich developing countries can suffer terribly from Dutch Disease. Commodity wealth bolsters imports, making them relatively cheaper and more readily accessible to the population.

  

No gas production ramp up in T&T anytime soon, outlook grim – RamnarineOilNOW

Trinidad and Tobago Prime Minister, Dr. Keith Rowley has signaled the twin island Republic’s intention to boost its natural gas production significantly before the end of this year. But the possibility does not exist, according to the former Minister of Energy, Kevin Ramnarine. In a recent article, Ramnarine outlined that T&T has no natural gas project from this year up until 2027 to push its natural gas production above 3 billion cubic feet per day (bcfd). “We have heard that production will soon ramp up and all will be well etc. but there will be no ramp-up in 2022 or in 2023 or anytime soon,” Ramnarine noted.

 

Oil companies ripped off T&T 60 years of royalties – Kaieteur News

 

Ramps fails in bid to operate as local company, says it ticked all the boxes: OilNOW

Ramps Logistics Guyana Inc. has brought forward a claim that the company was denied its Local Content certification even though it met all the requirements set. “The recently passed Local Content Act stipulates that a company must have a local content certificate to operate in the Guyana Energy Sector. Ramps Logistics Guyana Inc. has followed all the required guidelines to apply for this Certificate and was denied,” the company stated.

 

‘Ramps’ says sold majority company to man with Guyanese parentage but still denied local content certificate – News Room Guyana

 

Slapped with $20M fine: RAMPS Logistics breached and bypassed local systems  – News Room Guyana

 

Ramps Logistics confused over content certificate denial by Guyana – Trinidad Guardian

https://www.guardian.co.tt/news/ramps-logistics-confused-over-content-certificate-denial-by-guyana-6.2.1510279.109654920a

 

PSC supports Govt’s action against evaders of Local Content law: Guyana Times  

…as Ramps Logistics denied local content certificate

The recent announcement by the People’s Progressive Party/Civic (PPP/C) Government that it will take companies trying to circumvent the Local Content Act to court has been met with praise from the Private Sector Commission (PSC). On Wednesday, the PSC threw its support behind the Government’s stance as articulated recently by Vice President Bharrat Jagdeo. In particular, the PSC expressed concern over the ongoing practice of some companies to bundle contracts, which often limits local businesses participating in the value chain.

 

Business group says it fully supports ‘strong action’ against companies skirting local content lawOilNOW

Guyana’s Private Sector Commission said on Wednesday that it supports the government taking “strong action” against companies trying to circumvent the Local Content Act.The Act was passed in December, and contains provisions aimed at increasing Guyanese participation in the oil and gas sector.“The PSC is concerned by the ongoing practice to bundle contracts which often limits local businesses participating in the value chain,” it said. Minister of Natural Resources, VickramBharrat raised this issue during a meet with companies in May.

 

No “rent-a-citizen” fronting for local content must be tolerated- Georgetown Chamber – Demerara Waves Online News- Guyana

 

Norway, IDB sign agreement with Guyana to ‘leapfrog its solar energy future’:OilNOW  

Norway’s Minister of Climate and the Environment, Espen Barth Eide said he is impressed by Guyana’s continued leadership on rainforest conservation, during an important contract signing for Guyana’s renewable energy future.Norway, Guyana, and the Inter-American Development Bank (IDB) signed an agreement for Guyana to access funds for a series of solar energy projects, on Wednesday, which also happens to be World Rainforest Day.

  

Exxon taking back 2% royalty paid to Guyana: Kaieteur News

…‘arrangement’ also reduces taxes due to GRA

Esso Exploration and Production Guyana Limited (EEPGL) under its Production Sharing Agreement (PSA) with government, is robbing Guyana in more ways than one, a contention agreed to by Vice President Bharrat Jagdeo, during a press engagement at Office of the President on Tuesday when he described the arrangement as ‘lopsided.’ While differing on the ways with which the defects can be remedied, the Vice President also sought to bring clarity to a looming issue, namely whether EEPGL—ExxonMobil Guyana— can recover the two percent royalty it is supposed to pay to the country, on every barrel of oil ‘produced and sold from the Stabroek Block.’

 

ExxonMobil drilling Banjo-1 Well in search of more oil: Kaieteur News

United States oil major, ExxonMobil through its subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) has commenced exploration activities at another site in the Stabroek Block, in search of more sweet crude.On Monday, EEPGL started drilling activities at the Banjo-1 Well site, using the MODU Noble Sam Croft. The drilling activities are expected to wrap up by August 15, 2022. The oil company in a notice published in Kaieteur News said 25 vessels would provide support services for the operations.

 

Opposition takes protest to OP over Su revelation: Kaieteur News

Leaders and supporters of the People’s National Congress Reform (PNC/R) and the Alliance For Change (AFC) on Wednesday protested the Office of the President (OP), demanding that Vice President, Bharrat Jagdeo vacate his office and an independent investigation be conducted into the allegations leveled against him in a damning Vice News report. In the Vice News documentary, the VP’s friend Su Zhi Rong is heard telling the undercover journalists that Jagdeo collects bribes to get business done in the country.

 

‘I wasn’t given a hearing’: Kaieteur News

– MP Mahipaul to legally challenge decision to suspend Opposition MPs

Legal advice is being sought on the motion to suspend eight opposition Members of Parliament (MPs) for the ruckus, they created in the National assembly late last year. The motion is set to be tabled at the next sitting of the National Assembly. A Partnership for National Unity + Alliance For Change (APNU+AFC) Parliamentarian, Ganesh Mahipaul told Kaieteur News on Tuesday, that while he is yet to receive confirmation on the decision from the Parliamentary Committee of Privileges, he already reached out to his lawyer for advice on the matter.

 

The COI does not prejudice an election petition: Kaieteur News (Columnist) Peeping Tom

The issue of consultations for a Commission of Inquiry (COI) does not arise. Commissions of Inquiry are fact-finding bodies. There is therefore no need for any consultation in establishing a fact-finding investigation into the General and Regional Elections of 2020. What will be the objective of having consultations? And how can the Opposition which stands accused of attempting to benefit from the rigging of the elections be part of any consultations about the elections. This is like asking an accused person to pick his own jury.

  

Helping fastrack business dealings cannot be seen as corruption -AG Nandlall: News Source  

Attorney General Anil Nandlall is defending Vice President Bharrat Jagdeo in wake of the bribery allegations in that Vice News report. The Vice President has denied the allegations and President Irfaan Ali indicated that he has full confidence in the Vice President. Now the Attorney General has added his voice in defense of the Vice President. During his weekly Issues in the News television programme last evening, the Attorney General said the statements made by the Vice President and captured by undercover cameras need to be taken in context and Mr. Jagdeo cannot be accused of any wrongdoing based on the statements.

 

RAMPS Logistics denied Local Content certificate to operate in Guyana O&G sector: News Source

In a statement today, the company said “the recently passed Local Content Act stipulates that a company must have a local content certificate to operate in the Guyana Energy Sector. Ramps Logistics Guyana Inc. has followed all the required guidelines to apply for this Certificate and was denied”… “I know they applied but I will have to get the information from the Secretariat. But if you do not meet the criteria, any company as a matter of fact, and not RAMPS alone, but any company if they don’t reach the criteria as stated in the legislation then we can’t approve. It’s not only 51% Guyanese ownership, but also 75% managerial staff, 90% total staff, and so there are other criteria than just the 51% ownership and then we have to be able to verify the 51% ownership too and it’s not just providing a document that an individual has 51% ownership who is a Guyanese citizen.

 

Elections petition and not CoI can provide finality to Elections 2020 concerns -says PNCRNews Source

During a press conference today, PNCR Executive Member Gary Best said the COI appears to be aimed at distracting people from the failures of the current government and allegations which were leveled against the Vice President. He said he also believes it is being convened to put a stumbling block in the way of the Elections petition. The People’s National Congress Reform, (PNCR), which is the largest party in the APNU+AFC coalition, has raised questions about the planned Commission of Inquiry into the 2020 General Elections, while there is an active Elections Petition questioning the outcome of the elections still before the Courts

  

Appointment of COI deliberate to thwart election petition proceedings- MP Forde: Village Voice News

A Partnership for National Unity and Alliance For Change (APNU+AFC) Member of Parliament and Shadow Minister of Legal Affairs, Roysdale Forde SC, condemned the Government’s approach to establishing a Commission of Inquiry (COI) into the 2020 Elections. In an interview with Village Voice, Forde, who is one of the leading lawyers in the Opposition’s election petitions, said the establishment of the COI is a political decision taken by a political party who contested the elections and whose candidate has since assumed the presidency.

 

Opposition wants court to declare President in dereliction of duty over top judicial appointments: Stabroek News  

A “gross dereliction and abdication of the duty” for which he has no ‘lawful excuse’ is how the main opposition APNU+AFC described what they say is President Irfaan Ali’s “failure” to consult with the Leader of the Opposition for agreement on the substantive appointments of a Chancellor and Chief Justice. The coalition as previously hinted by Opposition Leader Aubrey Norton, has now officially filed an action asking the High Court to declare among other things, that Ali has in fact failed to consult with Norton for substantive officer holders for the top two judicial posts.

  

Despite Commission of Inquiry, State to continue prosecuting criminal charges against ex GECOM officials, othersDemerara Waves

Shadow Attorney General and Minister of Legal Affairs, Attorney-at-Law Roysdale Forde said the persons charged with electoral fraud would have to decide their next step in light of the Presidential Commission of Inquiry (COI) into the 2020 general and regional elections. “There are persons charged who will decide on what is in there best interest. Every consideration will be taken into account to determine what are the best steps to be taken,” he told Demerara Waves when asked whether efforts would be made to block the start of the Commission of Inquiry which was announced on Tuesday.

 

PNC, AFC in separate calls for consultations on election commission of inquiryDemerara Waves

The People’s National Congress Reform (PNCR) , and the Alliance For Change (AFC) on Wednesday demanded that the government consults with them on the terms of reference of the 2020 election commission of inquiry, in an effort to secure broad-based acceptance. “As the President has insisted on being a judge in his own cause, the PNCR demands that the government and opposition agree on finalising the terms of reference if only to reduce potential bias and expose the nation to the plethora of evidence of electoral malpractice by the PPP in the recently concluded 2020 general and regional elections,” PNCR Executive Member, Retired Rear Admiral Gary Best told a news conference.

  

Center for Local Business Development-Guyana posted: Halliburton announces the following opportunity: To apply, submit your application via the following link: ttps://jobs.halliburton.com/…/Georgetown…/899620900/ or send your CV to ta-caribbean@halliburton.com with the subject line Technical Interns. #CentreGuyana #GreaterGuyanaInitiave #HalliburtonGuyana

 

Center for Local Business Development- Guyana posted: New business opportunities have been posted to the Centre’s website. – Baker Hughes Guyana has and RFP for the Customs Brokerage Services. Deadline for submission is July 1, 2022. – Noble Drilling Guyana has and RFI for the Supply of Marine Distress Signal & Pyrotechnics. Deadline for submission is July 1, 2022. – Noble Drilling Guyana has and RFI for Over the Counter Medication and Supplies. Deadline for submission is July 15, 2022. View the full documents on the link below! https://centreguyana.com/opportunities/

 

Center for Local Business Development- Guyana posted: And we are off!

Phase 2 for #AccelerateHer 2.0 kicked off on June 8 where the 19 selected women entrepreneurs met their mentors for the programme during Mentor Match Day. Since then, every Wednesday morning the entrepreneurs have weekly class sessions with the Centre team on learning specialised areas to help them further refine and grow their Business Model Canvas, pitches and themselves.  This week we are “Going to the Market” and looking at the BME, Sales, Growth and Retention Technique. #CentreGuyana #GreaterGuyanaInitiative #AccelerateHer

 

Prospects for investors and operators in Suriname’s Energy Sector | Americas Market Intelligence

 

Oil companies ripped off T&T 60 years of royalties – Kaieteur News

Guyana News Updates, June 21, 2022

 

 

Rebuilding Energy Security: The Role of U.S. Oil and Gas

Center for Strategic and International Studies – Wednesday, June 22, 2022

https://www.csis.org/events/rebuilding-energy-security-role-us-oil-and-gas

 

 

“ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET

https://www.cnbc.com/exxonmobilatthecrossroads/

“In this one-hour documentary, CNBC’s David Faber goes inside one of the most powerful, storied, and consequential players in the energy industry: ExxonMobil. Once seen as untouchable, the company is now facing shareholder challenges over its direction and criticism that is fostered public uncertainty about global warming. As gas prices skyrocket around the world, Faber gains unprecedented access to company executives, workers, and facilities to examine ExxonMobil’s efforts to lower its carbon emissions and find out whether the company is ready for the energy transition. “ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET.”

https://www.cnbc.com/exxonmobilatthecrossroads/

 

 

UWI IIR-CPC Webinar “The Russian Invasion: Geopolitical and Geoeconomic Implications for the Caribbean”

Thursday, June 23rd, 2022 | 5:00 p.m. EST

To register, click here: https://sta-uwi-edu.zoom.us/webinar/register/WN_hVxvDKz3TTWN239am9ONRg

 

 

  

The Caribbean’s energy conundrum | Energy Transition

 

Gas production more important now than ever; Guyana forging ahead: OilNOW

Outside of the introduction of a robust Local Content Legislation, Guyana intends to use the Gas-to-Energy project as a means of maximising benefits to the country from the deal it has with ExxonMobil. This was said by Vice President, Dr. Bharrat Jagdeo who lauded the initiative as being the stepping stone to Guyana’s industrialisation. The former Head of State who holds the policy directive for the oil sector said the Gas-to-Energy project and the Local Content Act, were always part of the People’s Progressive Party Civic’s (PPP/C) plan, since it was in opposition, to increase benefits to Guyanese in the oil and gas sector.

 

Chinese ambassador says Vice News came to Guyana with ‘anti-China agenda’: OilNOW

Chinese Ambassador to Guyana Guo Haiyan is heavily criticizing US based Vice News for having an anti-China agenda. This follows the release of a documentary by the media outfit, aired a SHOWTIME, alleging Chinese investors and Guyana government officials are involved in corrupt practices. “The undercover journalist that came with her pre-determined agenda and I think the purpose is clear,” Haiyan told reporters on Monday.

 

Preparing Guyana for next stage of development calls for heavy spending – VP Jagdeo: OilNOW

The government of Guyana understands its responsibility to ensure that it does not manage the economy in a manner that will cause it to overheat. However, the government is also aware that it is important to prepare the nation for the next stage of development. The need to find the delicate balance was recently explained by Vice President Dr. Bharrat Jagdeo. At his most recent press conference, Dr. Jagdeo reminded that long before the release of recent reports which highlight the importance of avoiding the overheating of the economy, the government was cognizant of its responsibility.

 

Guyana offered more payments to keep its forests standing: OilNOW

With exceptional forest cover, boasting more than 19 gigatonnes (Gt) of stored carbon, Guyana is preparing to collect more payments for keeping its forests standing. But this time, the partnership will extend to more than just Norway. Vice President Dr. Bharrat Jagdeo said that Guyana has already received “quite a few offers” to buy forest carbon credits. The government is assessing the proposals. However, the Vice President noted that President Dr. Mohamed Irfaan Ali made a commitment not to conclude any arrangement on this front until the Low Carbon Development Strategy (LCDS) is finalised.

 

Guyana to promote the use of renewable energy sources with IDB and Norway support – CNW Network

 

Exxon hits back at Biden, says it invests more than any other supermajor: OilNOW  

Like the rest of the world, American consumer pockets are under pressure by soaring fuel prices – a direct result of Russia’s invasion of Ukraine. Accusations of price-gouging and deliberately staying away from new well drilling have abounded in the past few weeks. The blame has been shifted around but now, it hit a new target – ‘Big Oil’. Recently, United States President Joe Biden singled out ExxonMobil Corp., calling on the supermajor to “invest more” and “pay its taxes”.

 

Jagdeo, Norton, Ramjattan, Patterson unsure whether Exxon recovering 2 % royalty: Kaieteur News

Taking into account that oil companies do what they must for maximum profits, and the fact that loopholes in production sharing agreements allow them to cream off more than they should from oil projects, questions are brewing as to whether the meager two percent royalty paid on thiscountry’s oil endowment is being recovered by the Stabroek Block operators as an expense. The issue of royalty recovery came to the fore and became a matter of concern when Kaieteur News reporters, during their coverage of the recently concluded Trinidad and Tobago Energy Conference in May, found out that for 60 years, oil operator was giving the twin nation royalty payments on one hand and recovering it on the other.

 

Guyana may already be in the middle of an oil curse- Int’l lawyer: Kaieteur News

Citing the daily debts that continue to rack up as Guyana forges ahead with the production of its oil, coupled with the “astonishing” deal it accepted from the oil company- ExxonMobil- International Lawyer, Melinda Janki believes that the country may already be in the midst of the oil curse, called the Dutch Disease. Janki gave this view recently while appearing as a panelist on a Moray House discussion on a review of oil, gas and the environment.

 

Exxon to hand Guyana another US$2B in bills over next three years: Kaieteur News

– on leases, capital purchases for Stabroek Block

Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana—plans to spend G$276,434,609, 999 or US$ 1,382,173,049 on operating leases and capital projects or new purchases for this year. The amount identified by EEPGL for spending on the two categories this year, is included in the items that have been earmarked to be recovered by cost oil meaning Guyana’s oil in the Stabroek Block would be used to make the repayments.

 

Take half, leave half: Kaieteur News (Editorial)

What Exxon is doing to Guyana is nothing but barbaric. It pays Guyana US$607M in two years, as our share of royalties and profits, but collects US$355.7M for decommissioning costs. To make matters worse, Exxon is allowed to keep the money that it deducts for decommissioning (cleanup) and put to its own use for its own benefit. Our earnings are being reduced to the tune of almost US$356M for future cleanup expenses, and the American oil giant is permitted to retain it for whatever purposes it sees fit, and get away with that atrocity.

 

Govt correcting lack of skilled personnel countrywide – Minister Hamilton – Guyana Times

 

The VICE News programme: Stabroek News (Editorial)

In its elaborate undercover operation here, it is clear that US agency, VICE News’ intention was to catch Vice President  Bharrat Jagdeo on the take. Hence, the insistence of the fake businessman “Mr Chan”, at the residence of Mr Jagdeo, wanting to ensure that the money under consideration went to the Vice President. VICE News did not have its gotcha! moment. However, its exertions here and its multiple interviews raise unsettling questions about the Vice President and ultimately for the government.

 

Nothing new for Guyana in the oil contract should mean nothing new for Exxon: Stabroek News (Letter to the Editor) by GHK Lall

A word of thanks is due to both Mr. Chris Ram, Chartered Accountant, and SN for its editorial of June 20th titled, `Bring ExxonMobil back to the negotiating table.’  Both did yeoman service to this country, and I bow in recognition of their efforts.  My position, however, differs slightly.  Because I am of the view that it would be the most uphill of battles, and a path littered with frailty, uncertainty, and possibly treachery, I would leave alone, for now, a direct confrontation with Exxon in insisting upon renegotiating the contract, as dastardly as it is.

 

Accountability and Level playing field critical to investor confidence for Guyana -says US Embassy: News Source

In the report on Guyana which was aired on Sunday, Vice News used persons posing as Chinese investors to meet with a close friend of the Vice President and eventually with the Vice President himself about investment opportunities and business dealings in the country. In response to the claims of corruption within the Guyana Government as highlighted in the Vice News “Guyana For Sale” report, the US Embassy in Guyana today said accountability and a level playing field are critical for investor confidence.

 

Norton rubbishes Jagdeo’s dismissal of gas subsidyDemerara Waves

Opposition Leader Aubrey Norton on Monday said a government subsidy on gasoline was being provided by both oil and non-oil producing countries an so all that Guyana has to do is to allocate some of the extra earnings from oil exports to stabilize the price at the pumps. “It should come from the extra money. Remember, we pointed out that the oil prices went up and so you are gaining more and the difference between the oil price at the time and now; that difference, as I understand it, is enough to be able to subsidies the cost of living especially as it relates to oil which will affect many products outside of oil itself,” he told a news conference.

 

Online exhibition launched to commemorate Guyana-China 50th year of bilateral relations – Guyana Times

 

Embassy backs Chinese investments in Guyana as trade surges to US$710M – News Room Guyana

 

Suriname Making Strides In Development Of Offshore Petroleum Project In Deep-sea Area | RJR News – Jamaican News Online

http://radiojamaicanewsonline.com/local/suriname-making-strides-in-development-of-offshore-petroleum-project-in-deep-sea-area

 

Curacao sets talks with U.S.-Brazilian consortium to run island’s oil refinery | Reuters

https://www.reuters.com/business/energy/curacao-sets-talks-with-us-brazilian-consortium-run-islands-oil-refinery-2022-06-20/

 

Guyana among three Caribbean countries producing more than 50% of its own food – Kaieteur News

 

Guyana News Updates, June 17-19, 2022

Latin America Energy Transition to Net ZeroAMI Webinar – Tuesday, June 21, 2022 https://americasmi.zoom.us/webinar/register/4716552301460/WN_vD49_OzaRJGaowVDbo0byw

Rebuilding Energy Security: The Role of U.S. Oil and GasCenter for Strategic and International Studies – Wednesday, June 22, 2022 https://www.csis.org/events/rebuilding-energy-security-role-us-oil-and-gas

“ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET https://www.cnbc.com/exxonmobilatthecrossroads/ “In this one-hour documentary, CNBC’s David Faber goes inside one of the most powerful, storied, and consequential players in the energy industry: ExxonMobil. Once seen as untouchable, the company is now facing shareholder challenges over its direction and criticism that is fostered public uncertainty about global warming. As gas prices skyrocket around the world, Faber gains unprecedented access to company executives, workers, and facilities to examine ExxonMobil’s efforts to lower its carbon emissions and find out whether the company is ready for the energy transition. “ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM

ET.”https://www.cnbc.com/exxonmobilatthecrossroads/ The TV ad promoting the documentary shows David Farber (one of CNBC’s Senior Correspondents) standing atop one of the Floating Production Storage Offloading (FPSO) vessels off the coast of Guyana.   

Guyana is number 17 for largest oil reserves in the world | OilNOWhttps://oilnow.gy/featured/worlds-largest-oil-reserves-by-country/

Guyana possesses potential to become South America’s leading oil producer: Village Voice News Global energy supermajor ExxonMobil and its partners Hess and CNOOC have made an astonishing number of high-quality oil discoveries in offshore Guyana. In April 2022 Exxon announced that it made three more discoveries in the 6.6-million-acre Stabroek Block, where it is the operator holding a 45% interest with 30% owned by Hess and the remaining 25% held by CNOOC. The discoveries were made at the Barreleye-1, Patwa-1 and Lukanani-1 well all of which lie to the east of the Liza oilfield and Payara development. 

Market value of Guyana’s oil fund nearly three-quarter billion US dollars | OilNOWhttps://oilnow.gy/featured/market-value-of-guyanas-oil-fund-nearly-us%c2%be-billion/

While climate lobbyists target Guyana, US boosting oil supply | OilNOWhttps://oilnow.gy/featured/while-climate-lobbyists-target-guyana-us-boosting-oil-supply/

ExxonMobil to start-up more wells to boost full production of Liza Unity FPSO:Guyana TimesStabroek NewsKaieteur NewsGuyana StandardGuyana ChronicleOilNOW        United States oil giant ExxonMobil is looking to ramp up production on the Liza Unity Floating, Production, Storage and Offloading (FPSO) vessel four months after start-up, with the aim of realising its full capacity of 220,000 barrels per day (bpd) by the third quarter of this year. This is after the gas compression and injection systems on the Unity FPSO were safely commissioned in what Exxon has said is around half normal industry time. 

CGX walks away from 1.1 million acres offshore Guyana, hedging all bets on Corentyne: OilNOWGiven their inability to honour their work obligations, Frontera Energy Corporation and CGX Energy Inc. have reached an agreement with the Guyana Government to relinquish the Demerara and Berbice Blocks, amounting to a combined 1.1 million acres. The attention of the Canadian partners will now be focused on the Corentyne Block which delivered a material discovery at the Kawa-1 well. Frontera said it will continue to integrate its findings from the Kawa-1 well into preparations for the second exploration well, called Wei-1, in the third quarter of 2022. 

No citizen owes Exxon $9M:Guyana Chronicle  — no debt guarantee issued to Exxon by Guyana, says VP JagdeoVICE-President, Dr. Bharrat Jagdeo has clarified that Guyana has not issued a guarantee for any debt contracted by ExxonMobil, and therefore neither Guyana nor any citizen owes any money to the company. Speaking at a press conference on Wednesday at the Office of the President (OP), the Vice- President sought to clarify the issue surrounding a report in another section of the media, which quoted a financial analyst who claimed that citizens would end up owing Exxon. 

Exxon guarantees Guyanese bearing none of its debt nor eventual shutdown costs:News RoomGuyana Standard   The oil companies operating in the prolific Stabroek Block offshore Guyana are responsible for the debts incurred and the eventual shut down of their operations as they invest in exploration and production activities, an ExxonMobil official has said. “There is no responsibility to Guyana or the Government of Guyana for our investments. “The investments are made by our investors in the project and it’s the projects themselves that need to pay back the investment,” Phillip Rietema, the Vice President and Business Services Manager of ExxonMobil’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL), said on Wednesday. 

Guyana’s take actually bigger than Stabroek Block partners’ – Exxon:Guyana Standard  When one examines the manner in which Guyana’s royalty is calculated in the 2016 Production Sharing Agreement (PSA) governing the Stabroek Block, the two-year-old oil-producing State is actually taking home more than the contractor group. This was recently explained by ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL). The company said, “If, for example, you have US$100 coming in as revenue, 75 percent goes to cost recovery which covers the contractor group’s investments in exploration, development, and production costs. 

Flaring challenges at Liza Destiny ends in mid-July – Exxon assures:Guyana Standard  ExxonMobil Guyana has assured that the flaring issues plaguing the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel since 2020 are scheduled to end by the beginning of the third quarter. This is possible since the new, redesigned flash gas compressor has arrived in country for installation after extensive testing in Germany.Exxon said today that its team is working towards start-up in mid-July with the aim of also achieving background flare on that vessel as designed. 

Stabroek Block partners to spend $6 Trillion in Guyana by 2025:Guyana StandardiNews  ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) is poised to spend a whopping $6 trillion in Guyana by 2025. This investment will take into account expenditure on the Payara and Yellowtail Projects. The foregoing was revealed on Wednesday by EEPGL’s Vice President and Business Services Manager, Phillip Rietema. During a media briefing at the company’s Duke Street Headquarters, he said investments to date total $1.3T. 

Hess eyeing approval for 6th production vessel in Stabroek block by 2023:Guyana Times  …says pace of development in Guyana’s waters “industry leading”Describing the pace at which development in Guyana’s waters is moving as “industry leading”, ExxonMobil’s partner in the Stabroek block, Hess Corporation, anticipates a sixth floating, production, storage and offloading (FPSO) vessel in the block would be approved by next year. Hess Corporation’s Chief Executive Officer (CEO) John Hess made this disclosure during a recent interview on Bernstein’s 38th Annual Strategic Decisions Conference. According to him, they are also hoping to get their fifth FPSO sanctioned by this year end.  

Oil and the decisions that lie ahead: Stabroek News(Business Editorial)What we are already beginning to discover is that for all the global concerns arising out of what we are told is the nexus between fossil fuels and the worrisome threat of cataclysmic climate change, Guyana’s remarkably rapid transformation from a ‘banana republic’ to one of the most-watched countries in the hemispheric is entirely a function of our new-found oil and gas resources. These resources are seen not only for the contribution that they can make to Guyana’s development, going forward,  but also for the cumulative regional, hemispheric and international attention that the country has attracted. 

‘Gas is free, pipeline to be paid for from cost oil’ – VP confirms | OilNOWhttps://oilnow.gy/featured/gas-is-free-pipeline-to-be-paid-for-from-cost-oil-vp-confirms/

Guyana to seek int’l project manager for Gas-to-Energy Project | OilNOWhttps://oilnow.gy/featured/guyana-to-seek-intl-project-manager-for-gas-to-energy-project/

Guyana could sell cooking gas, other products for about $70M yearly- Jagdeo – News Room Guyanahttps://newsroom.gy/2022/06/18/guyana-could-sell-cooking-gas-other-products-for-about-70m-yearly-jagdeo/Capitol News: ExxonMobil made an earning of US$254 Billion for 2021 Evening News – 10:05, NCN – 5:41: Exxonmobil’s investments in Guyana to exceed $6 trillion by 2025 NCN – 7:20, News Room: ‘Guyana owes to debt to Exxon’ – VP Jagdeo, VP EEPGL News Room: Phillip Rietema, the Vice President and Business Services Manager of ExxonMobil’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL), assured the public that the company and its co-venturers are required to fund the decommissioning of the offshore projects. Decommissioning, essentially, refers to the gradual shutting down of the offshore facilities used to produce oil and it is expected decades after the startup of production. News Source – 14:22: Exxon promises less flaring  

Fire Juggling in the Energy Sector: Part 1: OilNOW(Columnist) Dr. Lorraine SobersThe intensity of the fire juggling act being performed by the oil and gas sector has been increasing in complexity year on year. For the novice, catching a single fire club is daunting. However, professional fire jugglers are capable of performing a mesmerizing, thrilling combination of speed, agility, skill, rhythm and focus with several clubs in the air. Similarly, the Guyanese energy sector has entered as a novice but is required to juggle the demands for clean energy, fossil fuel production and its socio-economic development. 

Oil companies recover US$355.7M for decommissioning costs in two years: Kaieteur News– more to be taken out annuallyFor 2020 and 2021, ExxonMobil and its partners, Hess Corporation and CNOOC Group, have recovered a whopping US$355.7M for decommissioning costs which would be incurred in another 18 years for the Liza Phase One Project. Decommissioning entails the removal of all equipment used for the extraction and production of oil and gas resources as well as the safe abandonment of wells involved. The activity takes place when the life of the project comes to an end. 

Jagdeo hoping non-oil sectors will meet growth projections: Kaieteur NewsGuyana’s non-oil economy such as its gold, forestry, agriculture and other sectors have in recent years failed to meet its growth projection but Vice President Bharrat Jagdeo is hopeful that the projections made will be met this year. The Vice President was at the time speaking to members of the media during a press engagement at the Office of the President when he spoke to the growth of the economy this year, growth to also be experienced in the non-oil economy. 

Guyana gets ‘greenlight’ to use US $83M Norway funds for solar farms – News Room Guyanahttps://newsroom.gy/2022/06/19/guyana-gets-greenlight-to-use-us-83m-norway-funds-for-solar-farms/

Guyana to make transformational leap towards decarbonisation with US$83.3M renewable energy project – IDB | OilNOWhttps://oilnow.gy/featured/guyana-to-make-transformational-leap-towards-decarbonisation-with-us83-3m-renewable-energy-project-idb/

Guyana mulls court action against companies trying to bypass local content laws | OilNOWhttps://oilnow.gy/featured/guyana-mulls-court-action-against-companies-trying-to-bypass-local-content-laws/

Exxon’s board members must act to prevent ungovernable gas sector here – Stabroek Newshttps://www.stabroeknews.com/2022/06/12/opinion/letters/exxons-board-members-must-act-to-prevent-ungovernable-gas-sector-here/